Waitrose Boss Aims For 50 Per Cent Growth By 2020

Tue, 16 Mar 2010

 
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Waitrose has announced ambitious plans to double sales and its share of the UK grocery market over the next decade.

Speaking to Retail Week, managing director Mark Price revealed that he aims to increase market share from the current 4.3 per cent to around 8 per cent and boost sales from £5 billion at present to £10bn by 2020 in a bid to make the supermarket "more accessible to more people".

Mr Price said that the chain will concentrate on store openings both in the UK and internationally. Ten new outlets are expected to open in Britain this year, including smaller convenience stores, and a further 30 in 2011.

The Waitrose MD, who was named retail leader of the year at the Retail Week awards, said that he also plans to build on Waitrose’s existing partnerships such as its deal with health and beauty chain Boots, and introduce new products.

Mr Price added that he expects Waitrose to end 2010 as the fastest growing supermarket chain for the second year in a row.

"The economy will give us nothing this year and there will be no easy wins, but our plans are well developed and we're confident," he said.

Waitrose, the grocery arm of the John Lewis Partnership, is expected to launch its smaller convenience store format within the next two months, with Cambridge, Manchester and Liverpool believed to be possible locations for the first stores.